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U.S. Agribusiness Giant Cargill Exits Vietnam’s Aquafeed Sector Despite Billions in Profit

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Vietnam Insider — Cargill, the American agribusiness titan with annual revenues 18 times that of SpaceX, has officially exited Vietnam’s aquafeed business as of early May 2025, despite having previously earned trillions of VND in profit from the sector.

According to S&P Global, Cargill is working with its employees to manage the transition. The company is closing two aquafeed plants in Đồng Tháp and Long An provinces, and also shutting down its aquaculture technology application center in Tiền Giang.

This strategic withdrawal follows a $160 million investment by Cargill in Vietnam, where it built 12 feed mills for aquaculture and livestock, with a combined annual capacity of 1.6 million tons.

On LinkedIn, several Cargill Vietnam employees have posted updates about their departure from the company. In an interview with the Vietnam Livestock Journal, Maxime Hilbert, Acting Managing Director of Cargill’s Aquaculture Nutrition Division in Thailand and Vietnam, explained that the decision reflects the company’s focus on long-term priorities in selected markets and livestock segments.

Global Strategy Shift

Cargill’s exit from aquafeed in Vietnam comes in the wake of its global restructuring effort announced in December 2024, which included a 5% reduction in its global workforce. The company cited strategic realignment as the reason behind the cuts.

The competitive nature of Vietnam’s aquafeed industry has posed challenges for Cargill in recent years. S&P Globalreported that the company’s aquafeed operations in the country underperformed over the past two years, despite rapid industry growth.

According to the General Statistics Office of Vietnam, aquafeed output in the first five months of 2025 rose 7.8% year-on-year to 3.64 million tons. Meanwhile, Vietnam’s overall aquaculture production grew from 53.6% of total seafood output in 2018 to 60% in 2024, showing a clear upward trend.

Dominance Amid Declining Revenue

Despite a 10% revenue drop from $177 billion to $160 billion in fiscal year 2024, Cargill maintained its position at the top of Forbes’ list of largest private companies. The company continues to vastly out-earn household names such as SpaceX ($8.7 billion) and Valve ($5 billion).

Cargill has operated in Vietnam since February 1995 and now employs over 1,500 people across various business units, including animal nutrition and health, food and beverage ingredients, agricultural supply chain, and specialized feed ingredients.

Cargill Vietnam: Steady Growth, Shifting Profits

According to data from Vietdata, Cargill Vietnam’s revenue consistently increased from 2020 to 2022. Revenue grew from over VND 17 trillion in 2020 to nearly VND 28.5 trillion in 2022—up 56% in 2021 and an additional 7% in 2022.

However, profit after tax fluctuated during this period. Cargill Vietnam posted net profit of nearly VND 940 billion in 2020, which rose 15% to nearly VND 1,100 billion in 2021 before declining 18% to around VND 890 billion in 2022.

A Crowded, Competitive Sector

Vietnam’s aquafeed market is highly competitive, with major players including C.P. (Thailand), Grobest (Taiwan), Japfa (Indonesia), BioMar (Vietnam-Australia), Sunjin and CJ (South Korea), Uni-President (Taiwan), YueHai (China), and local-foreign joint ventures like Thăng Long Group (Vietnam-China).

Domestic players such as Sao Mai Group (HoSE: ASM), Mavin, and Greenfeed are also active in the space.

The market has seen significant recent investment: in May 2024, Thăng Long Group inaugurated a new plant in Hải Dương, boosting annual capacity to 700,000 tons; YueHai broke ground on a new factory in Vĩnh Long in April 2024, with an expected annual output of 200,000 tons.

Before Cargill’s exit, Chinese aquafeed firm Tong Wei had already scaled back operations, reducing the capacity of its Tiền Giang plant from 300,000 tons to 220,000 tons back in 2015.

Cargill’s withdrawal marks a significant reshaping of Vietnam’s aquafeed industry — one of Southeast Asia’s most dynamic sectors — and raises questions about the future strategies of foreign players in the region.

Michelin Guide Unveils 2025 Vietnam Edition, Recognizing 181 Dining Establishments Across Three Cities

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Vietnam Insider – The Michelin Guide has unveiled its highly anticipated third Vietnam edition, spotlighting 181 restaurants and confirming the country’s rising status on the global culinary map.

The announcement was made Thursday evening at the InterContinental Danang Sun Peninsula Resort, with chefs, restaurateurs, and industry leaders in attendance.

This year’s expanded selection features new entries from Hanoi, Ho Chi Minh City, and Da Nang, reflecting the growing diversity and innovation in Vietnam’s food scene.

2025 Michelin Star Highlights

Among the new recognitions:

Hanoi

Bib Gourmand (value-for-money restaurants):
- Bún Chả Cửa Đông
- Bún Thang Bà Đức
- Cơm Gà Hải Nam
- Lamai Garden (also awarded Green Star)
- *Phở Lý Quốc Sư – 10 Lý Quốc Sư
Michelin Selected (noted for quality):
- Hẻm Quán
- The Eastern & Oriental
- Chapter Dining & Grill
- Tầm Vị
- T.U.N.G Dining

Ho Chi Minh City

New One Michelin Star:
- CieL – recognized for modern culinary storytelling by Chef Viet Hong Le, who also won the Young Chef Award
Michelin Selected:
- Nephele *(Sommelier Paul Vo won the Sommelier Award)
- Gia
- Quince Saigon
- NOIR. Dining in the Dark
- Émai Saigon
- The Monkey Gallery Dining

Da Nang

Bib Gourmand:
- Mỳ Quảng Bà Mua
- Bún Chả Cá Bà Lữ
- Bánh Xèo Bà Dưỡng
- Bếp Cuốn
Michelin Selected:
- Nén Danang (awarded Green Star for the second consecutive year)
- Luna Pub
- Fatfish Restaurant & Lounge Bar

Michelin Green Star Awards: Sustainability in Focus

The Michelin Green Star, which honors restaurants for outstanding sustainability efforts, was awarded to:

Lamai Garden (Hanoi) – the first in Hanoi to receive this title for its eco-conscious philosophy and practices.
Nén Danang – recognized again for its commitment to rethinking environmental impact and promoting local ingredients.

Special Awards Celebrate Culinary Talent

In addition to restaurant recognitions, the Michelin Guide also presented its annual individual honors:

Young Chef Award:Chef Viet Hong Le of CieL, Ho Chi Minh City – for his creativity and culinary promise.
Sommelier Award: Paul Vo of Nephele, Ho Chi Minh City – for excellence in wine knowledge and pairing.
Service Award: Nha Huynh of Mặn Mòi (Bib Gourmand, Thu Duc City) – recognized for elevating the customer experience through warm, attentive service.

Vietnam’s Culinary Scene: Tradition Meets Innovation

Michelin’s international director Gwendal Poullennec praised the growth of Vietnam’s fine dining landscape:

“This year, we are proud to witness a rise in the number of starred restaurants, driven by a new generation of talented chefs who blend modern techniques with hometown flavors,” he said.

He also emphasized the important role of street food vendors, family-owned eateries, and long-standing local institutions in preserving Vietnam’s rich culinary traditions.

As Vietnam continues to gain recognition on the world food stage, the 2025 Michelin Guide affirms that the country’s dynamic gastronomic identity is only just beginning to shine.

Vietnam Embraces Regulatory Sandbox as Catalyst for Crypto Market Growth

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Vietnam Insider – As digital asset adoption accelerates globally, Vietnam is positioning itself as a leading player in the sector with plans to introduce a controlled regulatory sandbox—creating both opportunities and critical challenges in the development of a sustainable digital asset ecosystem.

According to a recent report by blockchain analytics firm Chainalysis, Vietnam ranks among the top countries globally in terms of digital asset ownership, underscoring a strong appetite among local users and investors.

A Legal Framework in the Making

Despite high adoption rates, Vietnam’s digital asset market currently operates in a regulatory gray zone. The legal framework remains in the draft stage, with authorities emphasizing the need for a comprehensive, transparent, and adaptive regulatory structure.

Associate Professor Dr. Binh Nguyen of RMIT Vietnam noted that drafting a clear legal framework for digital assets presents significant hurdles, not only for Vietnam but also for advanced economies like the U.S., Singapore, and Sweden. “Vietnam must prioritize key areas such as crypto trading and asset classification before expanding to broader regulations,” he stated, highlighting the urgent need for clarity on stablecoins.

A Major Step: Launching the Sandbox

Lynn Hoang, Country Director of Binance Vietnam, praised the government’s decision to pilot a sandbox model as a critical step forward. “This indicates Vietnam’s readiness to align with global advancements in digital assets and blockchain technology,” she said.

The sandbox framework will allow controlled testing of innovative technologies—such as AI, blockchain, fintech, and digital health—within a monitored regulatory environment. While promising, Ms. Hoang emphasized that the transition from policy drafts to actionable regulations remains lengthy. “A constructive legal framework could place Vietnam at a strategic advantage, while delay could result in lost opportunities,” she cautioned.

She also warned that overly strict regulations may stifle innovation and prevent Vietnam from keeping pace with global developments. “Blockchain is not limited to digital assets—it has wide applications across many sectors,” she said.

Local Initiatives in Da Nang Signal Progress

One of the most notable pilot initiatives is taking place in Da Nang. According to Le Son Phong, Deputy Director of the city’s Department of Science and Technology, Da Nang is actively implementing a sandbox for breakthrough technologies, including blockchain and digital payments.

“Technology cannot flourish in an environment lacking trust, institutions, and innovation,” Mr. Phong stated, affirming the city’s commitment to fostering a dynamic innovation ecosystem.

Vo Duc Anh, a representative from Da Nang’s Innovation Startup Support Center, revealed that the city has approved a controlled trial of a stablecoin-based payment system, allowing international tourists to use USDT for local transactions. “The project has passed the initial review phase and is under further evaluation before broader rollout,” he said.

The Path Forward: Balancing Innovation and Security

Experts agree that a well-crafted legal framework must strike a delicate balance—encouraging innovation, attracting foreign investment, ensuring user protection, and harmonizing with international standards. Key components will include robust KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols to ensure safe participation.

“Even without a formal legal framework, Vietnam is already a global leader in blockchain activity,” said Giang Tran, Director of FPT Incubator. “We can afford to take a cautious yet calculated approach, using technology to manage risk while building a system that benefits all stakeholders.”

Looking to Global Models

Binance representatives also suggested that cities like Da Nang could learn from successful models such as the UAE, which has attracted billions in investment thanks to its agile approach to digital asset regulation.

As Vietnam moves toward formalizing its regulatory landscape, the sandbox initiative offers a rare window of opportunity. With the right policies in place, Vietnam could emerge not just as a consumer market, but as a global innovation hub for digital assets.

U.S. Implements Entry Ban on Citizens from 12 Countries

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Vietnam Insider – A new U.S. entry ban on nationals from 12 countries, issued by U.S President Donald Trump, officially takes effect today, June 9.

Under the executive order, citizens from Afghanistan, Myanmar, Chad, the Democratic Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen are now prohibited from entering the United States.

In addition, entry restrictions have been partially imposed on citizens from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela.

President Trump stated that the countries facing the strictest bans were identified as either having a “significant presence of terrorist elements,” failing to cooperate on visa security matters, lacking the ability to verify the identities of visa applicants, maintaining inadequate criminal records systems, or exhibiting high rates of visa overstay violations in the U.S.

Trump cited a recent incident in Boulder, Colorado, where an Egyptian national threw a Molotov cocktail at pro-Israel demonstrators, as an example of why the new restrictions are necessary. However, Egypt was not included in the list of banned countries.

The ban is part of Trump’s broader immigration policy agenda, reminiscent of his controversial 2017 travel ban targeting citizens from seven Muslim-majority countries during his first term.

The move has sparked backlash from both foreign officials and affected communities. Chad’s President, Mahamat Idriss Déby Itno, announced a reciprocal response by suspending visa issuance for U.S. citizens.

“Chad may not have planes to offer or billions of dollars to invest, but we have dignity and pride,” Déby posted on Facebook, in an apparent reference to countries like Qatar, which recently gifted a luxury aircraft to the U.S. and pledged major investments.

Meanwhile, former Afghan employees of U.S. government-backed projects have expressed deep concern, fearing they may be forced to return to Afghanistan where they risk Taliban retaliation.

The policy has also drawn criticism from Democratic lawmakers in the U.S. Representative Ro Khanna denounced the measure on social media, calling it “draconian and unconstitutional,” and affirming that “people have the right to seek asylum.”

Analysts suggest that, beyond national security concerns, the travel ban may also serve other political purposes—such as fulfilling campaign promises or leveraging diplomatic pressure in pursuit of economic, military, or trade agreements.

Inside THACO Industries: Vietnam’s Automotive Manufacturing Plant Emerging as a Global Auto Components Supplier

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Vietnam is steadily rising in the global manufacturing value chain, shifting from traditional low-cost assembly to technology-driven, vertically integrated production. A prime example of this transformation is THACO Industries, a key sub-holding of THACO Group, operating out of Chu Lai – Quang Nam Economic Zone in central Vietnam.

Originally known for assembling vehicles, THACO has evolved into one of the country’s most advanced auto components manufacturing companies. It is now positioning itself as a credible supplier to international OEMs by investing in R&D, high-tech machinery, and closed-loop production systems.

A Vertically Integrated Manufacturing Model Backed by Scale

THACO Industries spans a vast 320-hectare facility, developed through an investment of $1 billion USD. This site supports centralized production across multiple sectors—mechanical engineering, supporting industries, and automotive components—with each unit operating semi-independently but under a unified industrial group.

The company’s vertically integrated ecosystem enables it to manage every phase of the production lifecycle: from product design and mold creation to mechanical processing, assembly, and delivery. Facilities include a mechanical center, automotive component production lines, plastic injection molding, glass tempering for automotive glass, wiring and cable harness lines, and trailer manufacturing. This level of integration reduces dependency on subcontractors and ensures consistency across quality, lead times, and compliance requirements.

In this video, we explore THACO’s advanced production lines, in-house R&D, and OEM manufacturing capabilities—offering a rare glimpse into one of Vietnam’s most sophisticated industrial hubs.

R&D Investment and Machinery Specialization

A core pillar of THACO’s strategy is its R&D Center, which underlines the company’s ambitions to be more than a contract manufacturer. The center supports prototyping, mold development, and engineering services in alignment with international standards. These services allow for localization of designs, faster time-to-market, and customization for export markets.

On the shop floor, THACO operates twelve fiber laser cutting machines, five-face CNC milling systems, and over one hundred robotic welding arms as part of its Mechanical Center. Additional infrastructure includes a shot blasting booth, ED coating, powder coating, and a conveyor-based final assembly line.

The Automotive Component Manufacturing Plant is equally equipped with advanced tools, including stamping machines with capacities ranging from 500 to 6,300 tons, high-tonnage plastic injection machines of 3,200 and 2,000 tons, and ten automotive painting robots. One standout capability is its investment in a 3D glass tempering furnace, showing THACO’s capability in manufacturing safety-certified automotive glass.

Production Capacity and Product Diversification

Credit in Thaco Industries : Guillaume Rondan, CEO of MoveToAsia

THACO Industries demonstrates considerable scalability in output and product variety. Each year, the company processes 300,000 tons of steel and manufactures approximately 500,000 mechanical products. It produces 2,000 mold sets annually and up to 12 million plastic injection parts, serving both industrial and automotive sectors.

In addition, the company manufactures 30,000 semi-trailers and 800,000 vehicle body frames and components. It has a production capacity of 450,000 automotive glass sets annually, along with 60,000 car seat units and 300,000 seat covers. The plant also produces 1.5 million gear shift covers, reflecting its capacity to serve a broad range of component needs at high volumes.
>> Related article: Inside a Vietnam Mattress Factory: Enhanced Quality Through Technology

Serving Global OEMs and Multi-Sector Demand

THACO Industries has positioned itself as a trusted supplier to several high-profile OEMs. Its components are integrated into the supply chains of KIA, Mazda, Peugeot, Toyota, Ford, Hyundai, Isuzu, and Piaggio. These partnerships demonstrate THACO’s credibility and alignment with international quality and design expectations.

Beyond automotive, THACO serves a variety of industries with its mechanical parts and systems. These include agriculture, construction, furniture, electronics, and industrial plastics. The company’s export products range from chassis frames and automotive body parts to fuel tanks, trailers, seat assemblies, and structural components. Its global market presence includes North America, Japan, South Korea, Australia, and several ASEAN nations.

Digital Transformation and Global Standard Compliance

THACO has invested significantly in digital infrastructure to enhance its operational efficiency and transparency. Its deployment of ERP (Enterprise Resource Planning), MES (Manufacturing Execution System), and SCADA (Supervisory Control and Data Acquisition) platforms allows for real-time monitoring, predictive maintenance, and data integration across departments. These technologies are critical for foreign clients who demand supply chain visibility and traceability.

In terms of compliance, THACO meets a wide range of international certification standards. These include ISO 9001 for quality management, ISO 14001 for environmental management, ISO 14067 for carbon footprint control, and ISO 45001 for occupational health and safety. For the automotive sector, the company is certified under IATF 16949 and ECE R43 for automotive glass. In addition, THACO complies with REACH, RoHS, and CE marking requirements for products exported to Europe.

The company’s quality control processes are further reinforced by in-house testing systems. Equipment includes hardness testers, ultrasonic weld point inspection machines, optical emission spectrometers, and flammability test units. Other tools include tensile and compression machines, seat frame testers, and abrasion testing instruments—ensuring that each component adheres to stringent quality benchmarks before reaching the client.

Strategic Implications for Global Sourcing

Rather than simply being a supplier with excess capacity, THACO represents a high-potential strategic partner for foreign OEMs exploring alternatives to China. Its end-to-end production model, coupled with international certifications and capacity for customization, positions it as a viable player for complex component manufacturing and product localization.

THACO’s selectiveness in choosing its clients reflects its commitment to long-term, high-quality partnerships. Rather than operating as a mass-market subcontractor, the company engages with buyers who are aligned on quality expectations, forecasting discipline, and a shared vision for growth. This approach not only ensures reliability and consistency across projects but also fosters mutual investment—laying the foundation for durable, trust-based collaboration with foreign OEMs.

Final Thought: A Future-Ready Manufacturing Platform

THACO Industries illustrates Vietnam’s emergence as a serious destination for value-added manufacturing. Its combination of infrastructure, R&D, vertical integration, and international compliance places it in a unique position to support OEMs looking for high-quality, scalable suppliers outside of traditional hubs.

As the global supply chain continues to rebalance, THACO represents a manufacturing platform capable of serving both regional and global markets. For companies interested in sourcing automotive components or building partnerships with an established automotive manufacturing plant in Southeast Asia, THACO is one of Vietnam’s most credible candidates for long-term collaboration.

AEON Financial Services Discovers Accounting Irregularities in PTF Acquisition, Requests Contract Annulment from SeABank

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Hanoi, June 6 — AEON Financial Services Co., Ltd. (N) has issued an official notice revealing accounting irregularities related to its acquisition of Post and Telecommunication Finance Company (PTF) in Vietnam, a transaction previously conducted with Southeast Asia Commercial Joint Stock Bank (SeABank).

According to the announcement, AEON Financial Services signed a share transfer agreement with SeABank in October 2023 to acquire 100% of PTF’s equity.

“However, we discovered significant discrepancies between the disclosed accounting information prior to the contract and the actual financials,” AEON Financial Services stated. “As a result, we have officially notified SeABank and requested that the agreement be declared null and void.”

The acquisition was finalized on February 3, 2024, with PTF becoming a consolidated subsidiary of AEON Financial Services. However, during the Post-Merger Integration (PMI) process, AEON identified inappropriate accounting transactions that had occurred prior to the deal’s completion.

In response, AEON Financial Services promptly launched an investigation with support from local legal counsel. On June 6, 2025, the company formally submitted a request to invalidate the share transfer agreement with SeABank.

As of now, SeABank has not issued any official response regarding the matter.

Previously, it was announced that AEON Financial Services had agreed to acquire PTF for VND 4.3 trillion (approx. USD 180 million) through a 100% share transfer agreement signed on October 20, 2023. The deal was approved by the State Bank of Vietnam (SBV) on December 30, 2024.

According to SeABank, the divestment was part of a strategic roadmap approved by its General Meeting of Shareholders, aimed at restructuring capital sources, strengthening financial capacity, expanding scale, investing in technology, and promoting business growth.

In addition to the share transfer, SeABank and AEON Financial Services also signed a memorandum of understanding on strategic cooperation to deepen their partnership and leverage their respective strengths, with the shared goal of contributing to the development of Vietnam’s financial market.

Currently, PTF has a charter capital of VND 1.55 trillion, employs nearly 2,000 people, and serves close to 200,000 customers across 30 provinces and cities in Vietnam.

Source: Doanh Nghiệp & Kinh Doanh | Edited by Vietnam Insider

Foreign National Arrested in Vietnam for Attempting to Circulate Counterfeit Currency Under Tourist Cover

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Border guards in Lao Cai Province have arrested a Chinese national for allegedly smuggling and attempting to circulate counterfeit currency at the Lao Cai International Border Gate.

On June 5, Lieutenant Colonel Vu Tran Minh Dat, Chief of the Border Post at the Lao Cai International Border Gate, confirmed that his unit had officially launched a criminal investigation into the offense of “Possession, Transportation, and Circulation of Counterfeit Currency” under Vietnamese law. One suspect, a Chinese citizen, has been taken into custody.

The arrest followed a joint operation on May 29 involving the Lao Cai International Border Gate Border Post, the Drug and Crime Prevention Division of the Lao Cai Border Guard Command, and Lao Cai International Customs. The suspect, identified as Bai Dung, an ethnic Han Chinese born in 1990 and a resident of Yan’an City, Shaanxi Province (China), was apprehended after exhibiting suspicious behavior while entering Vietnam using a valid passport.

Shortly after crossing the border, Bai Dung went to an area in front of Sapaly Hotel in Lao Cai City, where he exchanged 2,000 counterfeit Chinese yuan for 7 million Vietnamese dong, and then attempted to exchange an additional 3,000 yuan for more than 10 million dong at a neighboring stall.

Authorities quickly detected the counterfeit nature of the Chinese currency and took the suspect and related evidence into custody for further investigation.

During interrogation, Bai Dung admitted he was fully aware the currency was fake but entered Vietnam under the guise of tourism to intentionally circulate the counterfeit notes. Upon arrest, authorities found him in possession of over 18,000 Chinese yuan in 100-yuan denominations—of which 185 notes were counterfeit and only two were genuine.

The Lao Cai Provincial Forensic Department and Agribank’s local branch have confirmed the counterfeit status of the seized notes. Based on these findings, investigators determined there were grounds to prosecute for offenses under Clause 3, Article 207 of Vietnam’s Penal Code, which pertains to the possession, transportation, and circulation of counterfeit money.

As a result, the Lao Cai International Border Gate Border Post has formally initiated legal proceedings and transferred the case to the appropriate authorities for prosecution.

Three International Accreditation Agencies Approved to Operate in Vietnam

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The Ministry of Education and Training (MOET) of Vietnam has officially authorized three foreign educational accreditation organizations to conduct operations and quality assurance assessments within the country.

The decision, signed by Deputy Minister Hoang Minh Son on June 16, marks the first time that international quality assurance agencies have been granted recognition to evaluate and accredit higher education institutions and programs in Vietnam.

The approved agencies are FIBAA, AQAS, and ASIIN, all based in Germany. Each has been granted a five-year license to operate in Vietnam.

FIBAA (Foundation for International Business Administration Accreditation) is authorized to assess and accredit Vietnamese higher education institutions and programs in fields such as law, business and management, and social and behavioral sciences. Currently, nine undergraduate and graduate programs at Vietnamese universities have been accredited by FIBAA.

ASIIN (Accreditation Agency for Degree Programs in Engineering, Informatics, Natural Sciences and Mathematics) is approved to conduct evaluations and accreditation for programs in natural sciences, engineering, mathematics and statistics, computer science and IT, as well as educational sciences and teacher training.

AQAS (Agency for Quality Assurance through Accreditation of Study Programs) is authorized to evaluate and accredit higher education institutions and academic programs in accordance with Vietnamese regulations across various disciplines.

This development reflects Vietnam’s commitment to enhancing international cooperation and aligning its higher education quality standards with global best practices.

Trump vs. Musk: From Powerful Allies to Fierce Rivals

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The once-close alliance between two of America’s most influential figures— President Donald Trump and tech billionaire Elon Musk—has rapidly deteriorated into an escalating war of words with potentially far-reaching consequences.

When Power and Wealth Collide

What happens when one of the world’s most powerful political leaders and one of its wealthiest entrepreneurs clash publicly? The unfolding drama between Donald Trump and Elon Musk offers an answer—one marked by high-stakes threats, political intrigue, and market turmoil.

Their relationship, previously built on mutual respect and political cooperation, has taken a sharp turn. Trump recently took to his social media platform Truth Social to suggest terminating billions of dollars in government contracts and subsidies benefiting Musk’s companies, especially SpaceX.

“The easiest way to save billions in the federal budget is to cut subsidies and contracts to Elon,” Trump wrote in a pointed post.

The impact was immediate. Tesla shares plunged 14% on June 5, highlighting the real-world ramifications of the feud.

Musk Strikes Back

But this was no one-sided attack. Musk fired back strongly—calling for Trump’s impeachment, daring him to follow through on budget cuts, and threatening to accelerate efforts to phase out NASA’s reliance on SpaceX’s Dragon spacecraft, a critical link to the International Space Station.

Moreover, with vast financial resources, Musk hinted he could support political candidates poised to challenge the Republican Party in the upcoming midterm elections.

Later on June 5, Musk dropped a bombshell, vaguely implying—without providing evidence—that Trump might have ties to undisclosed documents involving the late convicted sex offender Jeffrey Epstein.

White House Responds

Trump’s press secretary, Karoline Leavitt, dismissed Musk’s actions as a “disappointing spectacle,” suggesting the tech mogul was frustrated because Trump’s “Big and Beautiful” legislative proposal did not include provisions favoring his business interests.

What started as quiet tension a week earlier exploded into open conflict on June 4 and peaked the following day, coinciding with German Chancellor Friedrich Merz’s state visit to Washington.

Trump appeared caught off guard by Musk’s opposition to his proposed legislation. The former president denied allegations that he owed his 2020 electoral performance to Musk’s financial support and accused the billionaire of turning against him over potential Republican plans to reduce electric vehicle subsidies—an essential factor for Tesla’s business.

Musk responded via X (formerly Twitter), stating that he cared little about subsidies and was more concerned about reducing the U.S. national debt, which he sees as a major existential threat.

A Rapidly Unraveling Alliance

The Trump-Musk partnership once seemed unshakable. Musk had even been given special government status as a “special employee,” overseeing the White House Office of Government Efficiency (DOGE), which spearheaded major budget cuts and agency closures during Trump’s first 100 days in office.

Just last week, Musk ended his 130-day tenure in that role. Their parting was, at the time, marked by a celebratory exchange in the Oval Office, complete with symbolic “golden keys to the White House”—a nod to future collaboration.

That door now seems firmly closed.

“Elon and I used to have a great relationship,” Trump remarked, his emphasis on “used to” underscoring the rupture.

What Comes Next?

With Musk’s deep pockets and influence, observers are asking how this fallout might shape the 2026 midterm elections. He has the means to support candidates and causes that could shift the political landscape—potentially to the detriment of Trump and the Republican Party.

In response, Trump may double down by targeting Musk’s remaining allies in government or further disrupting his business ventures.

Democrats, for now, are watching from the sidelines. While they have not openly embraced Musk—despite his past support—they recognize the strategic value of his opposition to Trump.

“This is a zero-sum game. Anything Musk does that helps the Democrats inherently hurts the Republicans,” said Democratic strategist Liam Kerr in an interview with Politico.

While the ultimate outcome remains unclear, one thing is certain: this political feud between two of America’s most prominent figures is far from over—and it’s bound to keep shaking up Washington in the weeks and months ahead.

Reporting by Vietnam Insider, based on sources including BBC and Politico.

Vietnam Man Detained After Threatening Girlfriend With Knives for Refusing Sex

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Authorities in Vietnam have detained a 37-year-old man after he allegedly threatened to kill his girlfriend with knives following her refusal to accompany him to a motel.

Nguyen Chi Minh, a resident of Phu Hoa District in Phu Yen Province, was taken into emergency custody by local police on charges of issuing death threats, according to a statement from the Phu Yen Provincial Police Investigation Agency.

The incident reportedly occurred on the evening of May 28, during a karaoke outing where Minh and his girlfriend, identified as Ms. H., had a heated argument. Minh insisted that she go to a motel with him, but when she refused, the confrontation escalated. Minh threw a wet towel in her face, prompting Ms. H. to slap him in response.

Angered, Minh returned home, armed himself with two knives, and came back to the karaoke venue to threaten Ms. H.‘s life. However, the establishment’s staff intervened and prevented a possible attack.

Over the following days, Minh continued to send threatening messages and phone calls to both Ms. H. and her family, prompting her to block his number out of fear for her safety. On June 4, Minh allegedly arrived at her residence on a motorbike, carrying the two knives, but only encountered her sister. Ms. H. later reported the threats to police.

Phu Yen police confirmed that Minh tested positive for methamphetamine and described his behavior as “extremely dangerous.” He is now under urgent detention while the investigation continues.

This incident has raised broader concerns in Vietnam about gender-based violence and the need for stronger protection measures for women facing domestic or relationship-related threats.

10 Signs You’re in a Toxic Relationship – And Why It’s Time to Pause and Reflect

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Vietnam Insider – Not all toxic relationships are loud, violent, or dramatic. Sometimes, they creep in quietly—disguised as love, concern, or care—while slowly eroding your self-worth and peace of mind.

For many people, especially in cultures that value endurance and sacrifice, recognizing a toxic relationship can be difficult. But the signs are often there—subtle, persistent, and emotionally draining.

Here are 10 red flags that may indicate you’re in a toxic relationship, and what they might mean for your emotional well-being.

1. You feel emotionally drained after spending time with them: Instead of feeling calm or energized, you’re left exhausted after every encounter. Being with them feels like a performance, not a partnership.

2. You’re no longer yourself around them: You modify your words, hide your feelings, or suppress parts of your identity just to avoid upsetting them. Over time, you lose touch with who you really are.

3. You feel guilty even when you’ve done nothing wrong: They manipulate situations so that you’re always the one apologizing. You internalize blame, constantly questioning if you’re good enough.

4. You walk on eggshells when speaking to them: You overthink every word or reaction out of fear it might be misinterpreted or trigger their anger. Communication becomes more about avoidance than connection.

5. They manipulate your emotions (gaslighting): They deny things they’ve done, twist the truth, or make you question your reality. You’re left feeling confused, anxious, and unsure of your own perceptions.

6. They control you under the guise of “care”: From dictating what you wear to who you talk to, their concern turns into control. Slowly, your personal freedom is stripped away.

7. They make you feel dependent or unworthy without them: Instead of empowering you, they reinforce the belief that you’re too weak to leave, or that no one else will love you.

8. You constantly sacrifice your needs to keep the peace: You compromise over and over again, but your sacrifices are never acknowledged—let alone reciprocated. It’s always expected, never appreciated.

9. You fear losing them—even though they’re the ones hurting you: You stay not because of joy, but because you’re afraid of being alone, starting over, or the pain of separation.

10. When you think of the future, you feel anxious or hopeless: Instead of feeling inspired, your shared future feels like a dead-end—filled with fear, confusion, and uncertainty

What Should You Do If This Feels Familiar?

If these signs resonate with you, it’s important to pause. Not to assign blame or shame, but to ask yourself: “Am I honoring my feelings, boundaries, and values in this relationship?”

Relationships are meant to uplift, support, and inspire. If a connection leaves you feeling small, anxious, or broken, it might be time to reassess—not just the relationship, but also what you truly deserve.

You are not alone, and support is available. Whether through trusted friends, a therapist, or support communities, reaching out is a powerful first step toward healing and reclaiming your voice.

For more stories and insights about life, relationships, and emotional wellness in Vietnam, follow Vietnam Insider.

Know Your Rights: What Foreign Workers in Vietnam Should Be Aware Of

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Recent court ruling in Da Nang sets an important precedent for labor rights protection

A Vietnamese court recently ruled in favor of a worker whose employment was wrongfully terminated, ordering the employer to pay significant compensation. The case is a powerful reminder for all foreign workers in Vietnam: knowing your rights under local labor laws is essential to protect yourself and ensure fair treatment.

The Case: A Wake-Up Call for Employees and Employers

On May 27, the People’s Court of Son Tra District in Da Nang heard a labor dispute between a local company, Hoang Viet Quan Co., Ltd., and Ms. H.T.N., a Vietnamese worker whose employment was unilaterally terminated.

The company had signed a labor contract with Ms. N. on August 7, 2024, and later terminated the contract on November 29, citing underperformance. However, the court found that the termination did not comply with Vietnamese labor law and ordered the company to compensate the employee.

The compensation package included Six months’ salary; Social, health, and unemployment insurance contributions for the period the employee was unable to work; An additional two months’ salary as stated in the labor contract

The total compensation amounted to over VND 36.8 million (approx. USD 1,450), which the company is required to pay upon the court decision taking effect.

Key Takeaways for Foreign Workers in Vietnam

According to Sophie Dao, Lawyer and Senior Partner at GBS – Global Business Services, a firm specializing in supporting foreign investors and professionals in Vietnam:

“This case reinforces that Vietnam’s labor laws are designed to protect all workers—local and foreign—against unfair treatment or unilateral contract termination. But you must know your rights to enforce them.”

Here’s what every foreign professional working in Vietnam should keep in mind:

1. Ensure You Have a Written Labor Contract

Your contract should clearly define job scope, salary, working hours, benefits, and termination clauses.
It must comply with Vietnam’s Labor Code and be registered with the relevant authorities if required.

2. Termination Must Follow Due Process

Employers must justify termination with valid reasons, follow warning protocols, and respect notice periods (typically 30–45 days).
Unlawful termination can lead to court-mandated compensation of up to 2 months’ salary, back pay, and insurance contributions.

3. Social Insurance and Work Permit Are Your Rights

Foreign workers are entitled to health insurance, social insurance, and unemployment insurance, depending on their residency status and work permit.
Make sure your employer registers your work permit and pays into the insurance system.

4. Seek Legal Assistance When in Doubt

If you face unfair treatment, contract violations, or illegal termination, seek help from a legal advisor, your embassy, or local labor federations.
Vietnam’s courts are increasingly siding with employees in cases of labor rights violations.

Final Thought

While Vietnam offers growing opportunities for international talent in sectors like manufacturing, fintech, and semiconductors, protecting your rights starts with knowledge and preparation. Whether you’re signing your first contract or facing an employment dispute, don’t hesitate to ask questions or seek legal advice.

For foreign workers looking to better understand their employment rights in Vietnam, GBS provides legal advisory and dispute resolution support. You can contact them at info@gbs.com.vn for confidential consultations.

Vietnam Proposes Faster Work Permit Issuance for Foreign Workers, Boosting Appeal to Global Talent

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HANOI, June 5 — Vietnam is poised to become more competitive in attracting global expertise, as the Ministry of Home Affairs has proposed a groundbreaking policy to shorten the work permit issuance time for foreign workers from up to 36 days down to just 10.

The move, currently under review by the Ministry of Justice, is part of a broader national strategy to draw in high-level professionals in key sectors such as semiconductors, artificial intelligence (AI), and digital transformation.

If approved, the new policy will streamline administrative procedures, enhance workforce flexibility, and directly support foreign-invested enterprises looking to mobilize talent quickly for time-sensitive projects.

Commenting on the proposal, Sophie Dao, Lawyer and Senior Partner at GBS – Global Business Services, welcomed the reform:

“This is a significant and much-needed improvement. Reducing permit processing time shows that Vietnam is serious about building an innovation-driven economy and supporting global investors. At GBS, we believe this reform will substantially lower entry barriers for high-caliber professionals and offer our clients faster, smoother market entry.”

The draft decree also introduces broader eligibility criteria. Foreigners with only a university degree may now qualify as experts without requiring work experience—especially in prioritized fields such as finance, science, technology, and innovation—provided their credentials align with Vietnam’s national development goals or intergovernmental agreements.

Additionally, the proposal empowers key ministries such as the Ministry of Education and Training, and the Ministry of Science and Technology, to directly endorse experts for permit eligibility. A special clause also enables the government to make exceptions for unique or urgent cases based on recommendations from the Ministry of Home Affairs.

Vietnamese and foreign businesses alike have expressed strong support for the changes. HR leaders from major electronics manufacturers like LITEON Vietnam emphasized the importance of foreign experts in helping upskill local staff and ensure timely project implementation in fast-moving sectors.

The proposed reforms come as Vietnam continues to position itself as a regional hub for advanced manufacturing and digital innovation. By the end of 2024, nearly 162,000 foreign nationals are expected to be working in Vietnam, with over 149,000 requiring work permits.

As Ms. Sophie Dao added:

“Vietnam is sending a clear message: we are open, we are ready, and we welcome global expertise. This is an exciting time for foreign professionals and investors looking to be part of Vietnam’s next growth chapter.”

For more information or support on work permits and market entry in Vietnam, contact GBS at www.gbs.com.vn.

How to Get Ahead of 99% of People

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In today’s hyper-distracted, content-saturated world, getting ahead isn’t about having the most ideas or the loudest voice. It’s about clarity, execution, and the ability to build what others only dream about.

While most chase trends or vanity metrics, the top 1% focus on three unshakable pillars: Mindset, Skill Stacking, and Monetization.

Here’s a breakdown of how to systematically rise above 99% of people — not with fluff, but with focused, revenue-driving action.

1. Mindset: Operate in Builder Mode

The right mindset is the foundation for everything. Without it, no strategy or tool will help you succeed.

Clarity = Cashflow: If you can’t explain what you do in a single line, you’re not ready. Clarity kills confusion and opens the door to momentum.

Velocity > Vision: Ideas are cheap. What matters is how fast you can test, ship, and iterate. Don’t get stuck overthinking — progress loves action.

Block the Noise: No Slack. No email. No scrolling before 11 a.m. Create a distraction-free window to build, think, and ship what matters.

2. Skill Stacking: Learn What Pays

To become irreplaceable and valuable, stack skills that compound and create leverage in the market.

Storytelling Sells: Information isn’t enough. You need to turn attention into belief — and belief into buying. Learn to sell through stories.

Offer Architecture: It’s not about landing pages. It’s about structuring your offer like a real business: pricing, positioning, and product-market fit.

Technical Fluency: You don’t have to code, but you must understand systems — payments, automation, integrations — to scale effectively.

3. Monetization: Systems Over Hustle

Don’t just work hard. Work smart. Build monetization systems that remove friction and convert attention into income.

Fix Your Payment Flow: Most leave 12% on the table by not optimizing payment infrastructure. Use BNPL (Buy Now, Pay Later), saved cards, and retries.

Sell the Result: People don’t want your coaching or product — they want the outcome it delivers. Sell transformation, not features.

Leverage Buy Now, Pay Later: If your offer is $2K+, let customers finance it. Most high-ticket products are won at checkout, not during the pitch.

Execution Habits That Set You Apart

To apply the above effectively, cultivate habits that support performance and eliminate waste:

Build Before You Scroll: No notifications. No dopamine loops. Wake up, lock in, and build the one thing that drives revenue.

Treat Speed Like a Skill: Speed isn’t recklessness — it’s efficiency. Launch fast, learn in motion, and adjust as you grow.

Track Cash, Not Content: Vanity metrics like likes and follows don’t matter if they don’t lead to revenue. Measure results, not noise.

Final Thought

Getting ahead of 99% of people isn’t about luck or hustle. It’s about building with intention. Start with clarity, move with speed, and focus on what actually pays. Stack valuable skills, remove distractions, and design monetization systems that scale.

When you live in builder mode — not consumer mode — you don’t just compete. You lead.

Vietnam Abolishes Two-Child Policy as Aging Population Threatens Future Growth

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Vietnam has officially scrapped its decades-old two-child policy in a bold attempt to reverse declining birth rates and confront the looming economic challenges of an aging population.

The National Assembly passed amendments this week removing restrictions that previously limited families to one or two children, state media reported. The decision marks a significant shift in population policy for the Southeast Asian nation, which is now grappling with fertility rates falling below replacement level.

Vietnam joins a growing list of Asian countries—including Japan, South Korea, and China—facing sharp demographic decline. However, unlike its wealthier peers, Vietnam is still a developing economy, making the implications of a shrinking and aging workforce even more pressing.

From Population Boom to Birth Slump

Vietnam introduced its two-child limit in 1988 amid concerns about population pressures as the country transitioned from decades of war to economic reform. The policy helped curb explosive growth, with the population rising from about 62 million in the late 1980s to just over 100 million in 2023.

But in recent years, birth rates have steadily declined—from 2.11 children per woman in 2021 to just 1.91 in 2024—despite relatively high levels compared to regional counterparts like Japan and South Korea. The fall reflects broader lifestyle and economic trends, including urbanization, rising living costs, and shifting attitudes toward family life.

“I want to give my son the best possible education and future,” said Nguyen Thu Linh, a 37-year-old marketing manager in Hanoi. “But with today’s pressures, having a second child feels overwhelming—financially and emotionally.”

A Race Against Demographic Time

Vietnam’s so-called “golden population” period—when the working-age population outweighs the dependent population—began in 2007 and is expected to end around 2039. By 2042, the labor force is projected to peak, and by 2054, the total population could begin to shrink.

Economists warn that without a younger generation to support its aging citizens, Vietnam’s economic momentum could slow dramatically. “This policy reversal is crucial,” said one demographer. “But the challenge now lies in encouraging young families to have more children.”

Gender Imbalance and Cultural Pressures Persist

Compounding Vietnam’s demographic woes is a persistent gender imbalance. Cultural preferences for sons have led to skewed sex ratios, despite legal bans on sex-selective abortions and pre-birth gender disclosure. Authorities are now considering tripling penalties for those who attempt to select a baby’s gender to discourage the practice.

Lessons from Across Asia

Vietnam’s shift mirrors policy rollbacks in China, which relaxed its one-child policy to allow two children in 2016 and three in 2021—though with limited impact on birth rates. Japan, meanwhile, reported its 16th straight year of declining births in 2024, hitting a record low of 686,061 newborns. The country’s fertility rate has now fallen to 1.15, and experts forecast Japan’s population could decline to 87 million by 2070, with 40% over the age of 65.

As policymakers across Asia scramble to avert demographic collapse, Vietnam’s decision to abandon its two-child policy marks a pivotal moment. However, experts warn that changing policies is only the first step—addressing the economic burdens and cultural shifts discouraging larger families will be vital to reversing the trend.